May 28, 2022

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S.Korea eyes restraints on crypto unicorn Dunamu over monopoly concerns

S.Korea eyes restraints on crypto unicorn Dunamu over monopoly concerns


The Korea Reasonable Trade Commission (KFTC) is reportedly preparing to designate local crypto exchange Upbit owner Dunamu as an enterprise subject matter to restrictions on mutual expense, which would add far more laws to the entity.

See linked posting: Two crypto exchanges reach unicorn standing in South Korea

Rapidly facts

  • A enterprise with overall belongings in excess of 10 trillion Korean gained (about US$8.07 billion) is topic to limitations on mutual expense to avoid the concentration of financial power to big corporations, with additional rules including limitations on mutual expenditure, financial debt assures and voting rights in stocks of affiliated corporations. 
  • As of 2021, Dunamu’s complete property amount to 10.15 trillion gained (US$8.19 billion) in accordance to its business enterprise report uploaded on Economic Supervisory Service’s Knowledge Analysis, Retrieval and Transfer Method (DART) — the previous 12 months it scored 1.38 trillion gained. 
  • Dunamu reportedly insists that due to the fact it is a money organization, customer belongings should be excluded when counting overall property. Nevertheless, the KFTC cannot exclude shopper assets in calculating total belongings as South Korea does not classify blockchain-centered crypto asset businesses and expert services as fiscal firms.
  • Koh Seung-beom, chairman of South Korea’s Money Products and services Commission, vowed to scrutinize Upbit’s monopolistic standing in the local cryptocurrency marketplace at previous year’s parliamentary inspection of the administration.
  • Dunamu’s Upbit trade had about 78% market share among South Korean exchanges in trade volume the final 24 several hours in accordance to CoinMarketCap — the KFTC says it is a monopoly when a market place chief has a share of about 50%.

See related posting: Upbit turns into South Korea’s 1st newly registered crypto trade



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